0 a situation in which all the parties to a contract (= everyone involved in it) agree that a person named in the contract can be changed for another person, or agree to changes in its conditions:
The circumstances appear rather closer to that of a novation or assignment where the freeholder must be specifically released from the obligation.
First, the contracts could be transferred automatically to the right-to-manage company by a statutory novation.
The problem with statutory novation is that the right-to-manage companies will be extremely weak financially.
To define adoption as novation defeats the purpose of the provision, since novation constitutes the creation of a new contract, and that is already covered by the legislation.
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Registration of transfer is a type of novation.
If the original obligation is void, the novation is also void.
This process of transferring the trade title to the clearing house is called novation.
